I’m frequently surprised to meet landlords who don’t think they can afford property management services for their rental homes, or they think they will be able to save money by doing it themselves. I have found that over the years, good and professional property management done correctly can actually save you money and end up paying for itself.
A professional property manager will save you money by increasing your rental revenues. We have access to marketing data that tells us the exact price point to use when your property goes on the market. This ensures you will rent your home quickly and for more money. We have an extensive advertising network to get that property in front of many more people, which will help you get the opportunity to choose the best tenant.
Reduced maintenance expenses will also save you money when you use a professional property manager. The proactive approach to maintenance that most property managers take will prevent expensive repairs. Vendors and in house maintenance departments allow us to get discounted rates on work and repairs.
Some property managers will even provide protection against excessive tenant damage. At Sarasota Management and Leasing, we have a property condition guarantee that owners can use to ensure their rental units do not suffer from extensive damage from the tenants. Property managers use extensive tenant screening procedures. We weed out the tenants who do not have a good record of taking care of the properties they rent. Nothing will be more expensive to you than a bad tenant.
When you hire a property manager, you get extra legal protection. You have the benefit of a compliant and binding lease that is drawn up by an attorney who specializes in landlord and tenant law. Property managers have lawyers on contingency, which means you don’t have to pay for a new legal expense every time a problem occurs. You can participate in an eviction protection program so you don’t have to pay the eviction costs if one becomes necessary.
Think about what your time and aggravation are worth. You can expect to spend between 10 and 20 hours per month managing your own property. When you have a property manager working for you, there is also a lot of peace of mind involved, which is priceless. Think about how much money you can lose with lost revenue and vacant properties, and you start to realize that the cost of a property manager is more than affordable.
Add it all up, and a good property management service more than pays for itself. Check us out and read our online reviews so you know what to expect. If you have any questions about how to get property management services that save money instead of cost money, contact us at Sarasota Management and Leasing.